What is the Interest on Rs 1 Lakh Personal Loan?
A Personal Loan is an unsecured loan that doesn’t require any kind of collateral submission. But what makes borrowers think twice about a Personal Loan is the added interest rate charged on the principal loan amount. However, nowadays with the increasing competition, various online loan platforms provide instant Personal Loan at an attractive rate of interest.
Hero FinCorp is one such innovative and user-friendly online instant Personal loan app that provides instant loans to suffice your immediate financial needs like wedding expenses, education fees, home renovation costs, medical bills, and much more. Here, you can avail of loans ranging from Rs 50,000 to 5,00,000 instantly at a starting interest rate of 1.58%* per month. Loan tenure ranges between 12 to 36 months.
Interest Rate on Rs 1 Lakh Personal Loan
The Personal Loan interest rate payable will depend on your credit score, debt-to-income ratio, repayment tenure and the lender’s policies. At Hero FinCorp, interest rates start from 1.58% per month or 19% per annum.
If you are thinking, “How much interest do I have to pay on a 1 Lakh loan?”, you can use the Personal Loan EMI Calculator online. It only needs your loan amount, interest rate and repayment tenure to show the results.
Let us understand this with an example showing the interest payable on a Rs 1 Lakh Personal Loan taken at 19% per annum for a repayment tenure of 12 months.
| Months in a Year | Principal (Rs) (A) | Interest (Rs) (B) | Total Payment (Rs) (A + B) | Balance (Rs) |
|---|---|---|---|---|
| Jan | 7,421 | 2,083 | 9,504 | 92,579 |
| Feb | 7,576 | 1,929 | 9,504 | 85,003 |
| Mar | 7,734 | 1,771 | 9,504 | 77,270 |
| Apr | 7,895 | 1,610 | 9,504 | 69,375 |
| May | 8,059 | 1,445 | 9,504 | 61,316 |
| Jun | 8,227 | 1,277 | 9,504 | 53,089 |
| Jul | 8,398 | 1,106 | 9,504 | 44,691 |
| Aug | 8,573 | 931 | 9,504 | 36,117 |
| Sep | 8,752 | 752 | 9,504 | 27,365 |
| Oct | 8,934 | 570 | 9,504 | 18,431 |
| Nov | 9,120 | 384 | 9,504 | 9,310 |
| Dec | 9,310 | 194 | 9,504 | 0 |
The total interest to be paid on an Rs 1 Lakh Personal Loan for a period of 1 year is Rs 14,053.
Why Choose Hero FinCorp for a Rs 1 Lakh Personal Loan?
Hero FinCorp offers instant personal loans with flexible repayment options, making it an ideal choice for borrowers in need of financial support.One can easily avail of 1.5 Lakh personal loan at competitive interest rates, borrowers can quickly secure the funds they need. Once approved, the loan amount is directly credited to your bank account, ensuring quick access to the money. Additionally, Hero FinCorp prioritises the safety and security of your personal information, providing a trustworthy lending platform for all borrowers.
Key Features of Hero FinCorp Instant Personal Loan for Rs 1 Lakh
- Innovative and user-friendly online lending platform
- Salaried and Self-employed individuals with a minimum monthly salary/income of Rs. 15,000 are eligible to apply for a personal loan
- Borrowers aged between 21 - 58 years are eligible to apply
- Collateral free loan available between Rs.50,000 – Rs. 1,50,000
- Hassle-free online loan application process
- Paperless documentation through online KYC verification
- Instant approval on fulfilment of eligibility criteria
- Loan disbursal within a few hours of approval
Hero FinCorp has a very user-friendly loan application process. One has to just download the app from Google Play Store and get going. The personal loan interest rate offered by HeroFinCorp is one of the lowest in India.
Conclusion
A Rs 1 Lakh Personal Loan is a quick and reliable way to manage urgent financial needs. With competitive interest rates, flexible repayment options and a completely digital process, getting a loan has never been easier. Loan apps like Hero FinCorp have made it easier to get loans online, whether it's for education, travel or emergencies. If you are concerned about “How much is the interest for 1 Lakh loan?”, you can use the online loan calculator.
Frequently Asked Questions
1. Can I get a Rs 3.5 Lakh personal loan without collateral?
Yes, a 3.5 Lakh personal loan is unsecured, meaning you don’t need to pledge any collateral. Approval depends on your credit score, income, and lender’s eligibility criteria.
2. How is interest calculated on Hero FinCorp Personal Loans?
Interest is calculated on a reducing balance basis, meaning you pay interest only on the outstanding principal every month.
3.What documents are required to apply for a Personal Loan?
Aadhar Card, PAN Card, Income Proof (salary slips/bank statements), and address proof.
4.How soon will the loan amount be disbursed?
After approval, funds are directly credited to your bank account quickly.
5.How to calculate EMIs on a Rs 1 Lakh loan?
You can easily calculate your monthly EMI by using the Hero FinCorp EMI calculator available on our app or website.
6.Are there any prepayment or foreclosure charges?
Hero FinCorp offers flexibility in loan prepayment. Charges, if any, will be transparently disclosed in your loan agreement.
Disclaimer: The information provided in this blog post is intended for informational purposes only. The content is based on research and opinions available at the time of writing. While we strive to ensure accuracy, we do not claim to be exhaustive or definitive. Readers are advised to independently verify any details mentioned here, such as specifications, features, and availability, before making any decisions. Hero FinCorp does not take responsibility for any discrepancies, inaccuracies, or changes that may occur after the publication of this blog. The choice to rely on the information presented herein is at the reader's discretion, and we recommend consulting official sources and experts for the most up-to-date and accurate information about the featured products.
About Hero Fincorp
Hero Fincorp offers a wide range of financial products including Personal Loans for personal needs, Business Loans to support business growth, Used Car Loans for purchasing pre-owned vehicles, Two-Wheeler Loans for bike financing, and Loan Against Property for leveraging real estate assets. We provide tailored solutions with quick processing, minimal paperwork, and flexible repayment options for smooth and convenient borrowing experience.
